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Quanex Building Products Announces Second Quarter 2020 Results

Balance Sheet & Liquidity Remain Strong 
Margin Expansion Realized in NA Fenestration Segment 
Management Optimistic About Recovery

HOUSTON, June 04, 2020 (GLOBE NEWSWIRE) -- Quanex Building Products Corporation (NYSE:NX) (“Quanex” or the “Company”) today announced its results for the three months ended April 30, 2020.

The Company reported the following selected financial results:

    Three Months Ended April 30,   Six Months Ended April 30,
      2020       2019       2020       2019  
Net Sales   $187.5     $218.2     $384.1     $415.0  
Gross Margin   $37.7     $46.8     $76.9     $85.1  
Gross Margin %     20.1%       21.5%       20.0%       20.5%  
Net Income (Loss)   $5.5     ($24.0)     $5.5     ($27.6)  
Diluted EPS   $0.17     ($0.73)     $0.17     ($0.84)  
                 
Adjusted Net Income   $6.4     $6.3     $7.6     $4.0  
Adjusted Diluted EPS   $0.19     $0.19     $0.23     $0.12  
Adjusted EBITDA   $21.8     $23.4     $37.5     $35.4  
Adjusted EBITDA Margin %     11.6%       10.7%       9.8%       8.5%  
                 
Cash Provided by Operating Activities   $6.1     $20.4     $2.5     $0.1  
Free Cash Flow   ($0.9)     $13.6     ($13.8)     ($12.9)  

(See Non-GAAP Terminology Definitions and Disclaimers section, Non-GAAP Financial Measure Disclosure table Selected Segment Data table and Free Cash Flow Reconciliation table for additional information)

George Wilson, President and Chief Executive Officer, commented, “The first two months of our second quarter were very solid, but, as expected, April proved to be a challenge due to the ongoing COVID-19 pandemic.  Despite the volume decline in April, we were able to realize Adjusted EBITDA margin expansion in our North American Fenestration segment and on a consolidated basis. 

“As previously disclosed, due to the uncertainty related to the COVID-19 pandemic, we withdrew guidance for 2020 and borrowed against our revolving credit facility as a precautionary measure.  Our variable cost structure enables us to flex down as volume dictates to protect margins.  As such, we implemented furloughs, reduced shift patterns, suspended all near-term non-essential capital requirements and we are engaged in ongoing discussions with our customers and suppliers with respect to managing working capital.  As of today, all of our plants are operational, we have started to recall furloughed employees, our balance sheet and liquidity remain very strong, our dividend is currently safe and volume in May was not as soft as anticipated.  We are optimistic about the recovery ahead, but we understand that challenges will persist in the near-term.  We have worked hard over the past few years to make sure we have a flexible capital structure and a balance sheet that is strong enough to weather the challenges we are currently facing.  As a result of these actions, we believe our Company is well positioned to take advantage of any opportunities that may arise as a result of this pandemic.” (See Non-GAAP Terminology Definitions and Disclaimers section for additional information)

Second Quarter 2020 Results Summary  

The decrease in net sales during the second quarter of 2020 was primarily attributable to softer demand in April related to the COVID-19 pandemic.  Volume started to decline in all of Quanex’s manufacturing facilities in late March and the Company’s two manufacturing facilities in the UK were shut down completely on March 25, 2020 in compliance with government orders.  (See Sales Analysis table for additional information)

The increase in reported earnings was primarily the result of a $30.0 million, or $0.91 per diluted share, non-cash goodwill impairment in the North American Cabinet Components segment during the second quarter of 2019.  The increase in adjusted earnings was driven by lower selling, general and administrative expense. 

Balance Sheet & Liquidity Update

As of April 30, 2020, Quanex’s leverage ratio of Net Debt to LTM Adjusted EBITDA was unchanged at 1.4x.  (See Non-GAAP Terminology Definitions and Disclaimers section for additional information)

The Company’s liquidity was $189.3 million as of April 30, 2020, consisting of $80.2 million in cash on hand plus availability under its Senior Secured Revolving Credit Facility due 2023, less letters of credit outstanding.

Share Repurchases

Quanex’s Board of Directors authorized a $60 million share repurchase program in September of 2018.  Repurchases under this program will be made in open market transactions or privately negotiated transactions, subject to market conditions, applicable legal requirements and other relevant factors.  The program does not have an expiration date or a limit on the number of shares that may be repurchased.  The Company repurchased 149,937 shares of common stock for approximately $2.1 million at an average price of $13.70 per share during the three months ended April 30, 2020.  As of April 30, 2020, approximately $11.7 million remained under the existing share repurchase authorization.  

Recent Events

Quanex’s Board of Directors declared a quarterly cash dividend of $0.08 per share on the Company’s common stock, payable June 30, 2020, to shareholders of record on June 15, 2020.

Conference Call and Webcast Information

The Company has scheduled a conference call for Friday, June 5, 2020, at 11:00 a.m. ET (10:00 a.m. CT).  To participate in the conference call dial (877) 388-2139 for domestic callers and (541) 797-2983 for international callers, in both cases using the conference passcode 4662437, and ask for the Quanex call a few minutes prior to the start time.  A link to the live audio webcast will also be available on the Company’s website at http://www.quanex.com in the Investors section under Presentations & Events.  A telephonic replay of the call will be available approximately two hours after the live broadcast ends and will be accessible through June 12, 2020.  To access the replay dial (855) 859-2056 for domestic callers and (404) 537-3406 for international callers, in both cases referencing conference passcode 4662437. 

About Quanex

Quanex Building Products Corporation is an industry-leading manufacturer of components sold to Original Equipment Manufacturers (OEMs) in the building products industry.  Quanex designs and produces energy-efficient fenestration products in addition to kitchen and bath cabinet components.  For more information contact Scott Zuehlke, Senior Vice President, Chief Financial Officer & Treasurer, at 713-877-5327 or scott.zuehlke@quanex.com.

Non-GAAP Terminology Definitions and Disclaimers

Adjusted Net Income (Loss) (defined as net income further adjusted to exclude purchase price accounting inventory step-ups, transaction costs, certain severance charges, gain/loss on the sale of certain fixed assets, restructuring charges, asset impairment charges, other net adjustments related to foreign currency transaction gain/loss and effective tax rates reflecting impacts of adjustments on a with and without basis) and Adjusted EPS are non-GAAP financial measures that Quanex believes provide a consistent basis for comparison between periods and more accurately reflects operational performance, as they are not influenced by certain income or expense items not affecting ongoing operations. EBITDA (defined as net income or loss before interest, taxes, depreciation and amortization and other, net) and Adjusted EBITDA (defined as EBITDA further adjusted to exclude purchase price accounting inventory step-ups, transaction costs, certain severance charges, gain/loss on the sale of certain fixed assets, restructuring charges and asset impairment charges) are non-GAAP financial measures that the Company uses to measure operational performance and assist with financial decision-making.  The leverage ratio of Net Debt to LTM Adjusted EBITDA is a financial measure that the Company believes is useful to investors and financial analysts in evaluating Quanex’s leverage.  In addition, with certain limited adjustments, this leverage ratio is the basis for a key covenant in the Company’s credit agreement.  Free Cash Flow is a non-GAAP measure calculated using cash provided by operating activities less capital expenditures.   Free Cash Flow is measured before application of certain contractual commitments (including capital lease obligations), and accordingly is not a true measure of Quanex’s residual cash flow available for discretionary expenditures.  The Company believes that the presented non-GAAP measures provide a consistent basis for comparison between periods, and will assist investors in understanding Quanex’s financial performance when comparing results to other investment opportunities.  The presented non-GAAP measures may not be the same as those used by other companies.  The Company does not intend for this information to be considered in isolation or as a substitute for other measures prepared in accordance with U.S. GAAP. 

Forward Looking Statements

Statements that use the words “estimated,” “expect,” “could,” “should,” “believe,” “will,” “might,” or similar words reflecting future expectations or beliefs are forward-looking statements. The forward-looking statements include, but are not limited to, the following: impacts from public health issues (including pandemics, such as the recent COVID-19 pandemic) on the economy and the demand for Quanex’s products, the Company’s future operating results, future financial condition, future uses of cash and other expenditures, expenses and tax rates, expectations relating to Quanex’s industry, and the Company’s future growth, including any guidance discussed in this press release.  The statements and guidance set forth in this release are based on current expectations.  Actual results or events may differ materially from this release.  For a complete discussion of factors that may affect Quanex’s future performance, please refer to the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2019, and the Company’s Quarterly Reports on Form 10-Q under the sections entitled “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors”.  Any forward-looking statements in this press release are made as of the date hereof, and Quanex undertakes no obligation to update or revise any forward-looking statements to reflect new information or events.

QUANEX BUILDING PRODUCTS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(In thousands, except per share data)
(Unaudited)

    Three Months Ended April 30,   Six Months Ended April 30,
      2020       2019       2020       2019  
                 
Net sales   $ 187,475     $ 218,203     $ 384,072     $ 415,011  
Cost of sales     149,732       171,378       307,159       329,935  
Selling, general and administrative     16,713       23,722       40,845       51,748  
Restructuring charges     251       84       404       187  
Depreciation and amortization     11,886       12,404       24,791       24,976  
Asset impairment charges     -       29,978       -       29,978  
Operating income (loss)     8,893       (19,363 )     10,873       (21,813 )
Interest expense     (1,563 )     (2,602 )     (3,145 )     (5,044 )
Other, net     300       (54 )     336       202  
Income (loss) before income taxes     7,630       (22,019 )     8,064       (26,655 )
Income tax expense     (2,129 )     (1,955 )     (2,553 )     (968 )
Net income (loss)   $ 5,501     $ (23,974 )   $ 5,511     $ (27,623 )
                 
Earnings (loss) per common share, basic   $ 0.17     $ (0.73 )   $ 0.17     $ (0.84 )
Earnings (loss) per common share, diluted   $ 0.17     $ (0.73 )   $ 0.17     $ (0.84 )
                 
Weighted average common shares outstanding:                
Basic     32,676       32,951       32,770       33,026  
Diluted     32,793       32,951       32,907       33,026  
                 
Cash dividends per share   $ 0.08     $ 0.08     $ 0.16     $ 0.16  
                                 

QUANEX BUILDING PRODUCTS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)

    April 30, 2020   October 31, 2019
ASSETS        
Current assets:        
Cash and cash equivalents   $ 80,252     $ 30,868  
Accounts receivable, net     66,892       82,946  
Inventories, net     75,072       67,159  
Prepaid and other current assets     9,602       9,353  
Total current assets     231,818       190,326  
Property, plant and equipment, net     187,482       193,600  
Operating lease right-of-use assets     41,763       -  
Goodwill     143,870       145,563  
Intangible assets, net     98,905       107,297  
Other assets     9,047       8,324  
Total assets   $ 712,885     $ 645,110  
         
LIABILITIES AND STOCKHOLDERS' EQUITY        
Current liabilities:        
Accounts payable   $ 42,227     $ 63,604  
Accrued liabilities     27,396       39,221  
Income taxes payable     2,066       6,183  
Current maturities of long-term debt     666       746  
Current operating lease liabilities     6,687       -  
Total current liabilities     79,042       109,754  
Long-term debt     229,697       156,414  
Noncurrent operating lease liabilities     35,551       -  
Deferred pension and postretirement benefits     11,364       13,322  
Deferred income taxes     20,926       19,363  
Other liabilities     12,348       16,070  
Total liabilities     388,928       314,923  
Stockholders’ equity:        
Common stock     373       374  
Additional paid-in-capital     252,717       254,673  
Retained earnings     185,779       185,703  
Accumulated other comprehensive loss     (36,163 )     (33,817 )
Treasury stock at cost     (78,749 )     (76,746 )
Total stockholders’ equity     323,957       330,187  
Total liabilities and stockholders' equity   $ 712,885     $ 645,110  
         
         

 QUANEX BUILDING PRODUCTS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
(In thousands)
(Unaudited)

  Six Months Ended April 30,
    2020       2019  
Operating activities:      
Net income (loss) $ 5,511     $ (27,623 )
Adjustments to reconcile net income (loss) to cash provided by operating activities:      
Depreciation and amortization   24,791       24,976  
Stock-based compensation   86       1,043  
Deferred income tax   1,194       (1,256 )
Asset impairment charge   -       29,978  
Other, net   463       1,078  
Changes in assets and liabilities:      
Decrease in accounts receivable   14,682       3,479  
Increase in inventory   (8,363 )     (15,522 )
Increase in other current assets   (559 )     (681 )
Decrease in accounts payable   (16,807 )     (2,617 )
Decrease in accrued liabilities   (13,673 )     (14,716 )
(Decrease) increase in income taxes payable   (4,052 )     183  
Increase in deferred pension and postretirement benefits   562       1,567  
Decrease in other long-term liabilities   (787 )     (131 )
Other, net   (576 )     385  
Cash provided by operating activities   2,472       143  
Investing activities:      
Capital expenditures   (16,313 )     (13,022 )
Proceeds from disposition of capital assets   33       298  
Cash used for investing activities   (16,280 )     (12,724 )
Financing activities:      
Borrowings under credit facilities   114,500       57,500  
Repayments of credit facility borrowings   (41,000 )     (42,500 )
Repayments of other long-term debt   (505 )     (784 )
Common stock dividends paid   (5,287 )     (5,335 )
Issuance of common stock   2,954       27  
Payroll tax paid to settle shares forfeited upon vesting of stock   (454 )     (322 )
Purchase of treasury stock   (6,693 )     (4,702 )
Cash provided by financing activities   63,515       3,884  
Effect of exchange rate changes on cash and cash equivalents   (323 )     (44 )
Increase (decrease) in cash and cash equivalents   49,384       (8,741 )
Cash and cash equivalents at beginning of period   30,868       29,003  
Cash and cash equivalents at end of period $ 80,252     $ 20,262  
       
       

 QUANEX BUILDING PRODUCTS CORPORATION
FREE CASH FLOW RECONCILIATION
(In thousands)
(Unaudited)

The following table reconciles the Company's calculation of Free Cash Flow, a non-GAAP measure, to its most directly comparable GAAP measure.  The Company defines Free Cash Flow as cash provided by operating activities less capital expenditures.
                 
    Three Months Ended April 30,   Six Months Ended April 30,
      2020       2019       2020       2019  
Cash provided by operating activities   $6,129     $20,386     $2,472     $143  
Capital expenditures     (7,001)       (6,751)       (16,313)       (13,022)  
Free Cash Flow   ($872)     $13,635     ($13,841)     ($12,879)  
                         
                         

QUANEX BUILDING PRODUCTS CORPORATION
NON-GAAP FINANCIAL MEASURE DISCLOSURE
(In thousands, except per share data)
(Unaudited)

                                         
    Three Months Ended     Three Months Ended     Six Months Ended     Six Months Ended  
Reconciliation of Adjusted Net Income and Adjusted EPS   April 30, 2020     April 30, 2019     April 30, 2020     April 30, 2019  
    Net
Income
  Diluted
EPS
    Net (Loss)
Income
  Diluted
EPS
    Net
Income
  Diluted
EPS
    Net (Loss)
Income
  Diluted
EPS
 
Net income (loss) as reported   $ 5,501     $ 0.17       $ (23,974 )   $ (0.73 )     $ 5,511     $ 0.17       $ (27,623 )   $ (0.84 )  
Reconciling items from below     890       0.02         30,250       0.92         2,106       0.06         31,584       0.96    
Adjusted net income and adjusted EPS   $ 6,391     $ 0.19       $ 6,276     $ 0.19       $ 7,617     $ 0.23       $ 3,961     $ 0.12    
                                         
Reconciliation of Adjusted EBITDA   Three Months Ended
April 30, 2020
    Three Months Ended
April 30, 2019
    Six Months Ended
April 30, 2020
    Six Months Ended
April 30, 2019
 
    Reconciliation         Reconciliation         Reconciliation         Reconciliation      
Net income (loss) as reported   $ 5,501           $ (23,974 )         $ 5,511           $ (27,623 )      
Income tax expense     2,129             1,955             2,553             968        
Other, net     (300 )           54             (336 )           (202 )      
Interest expense     1,563             2,602             3,145             5,044        
Depreciation and amortization     11,886             12,404             24,791             24,976        
EBITDA     20,779             (6,959 )           35,664             3,163        
Reconciling items from below     1,031             30,311             1,802             32,282        
Adjusted EBITDA   $ 21,810           $ 23,352           $ 37,466           $ 35,445        
                                         
Reconciling Items   Three Months Ended
April 30, 2020
    Three Months Ended
April 30, 2019
    Six Months Ended
April 30, 2020
    Six Months Ended
April 30, 2019
 
    Income
Statement
  Reconciling
Items
    Income
Statement
  Reconciling
Items
    Income
Statement
  Reconciling
Items
    Income
Statement
  Reconciling
Items
 
Net sales   $ 187,475     $ -       $ 218,203     $ -       $ 384,072     $ -       $ 415,011     $ -    
Cost of sales     149,732       -         171,378       -         307,159       -         329,935       -    
Selling, general and administrative     16,713       (780 ) (1)     23,722       (249 ) (1)     40,845       (1,398 ) (1)     51,748       (2,117 ) (1)
Restructuring charges     251       (251 ) (2)     84       (84 ) (2)     404       (404 ) (2)     187       (187 ) (2)
Asset impairment charges     -       -         29,978       (29,978 ) (3)     -       -         29,978       (29,978 ) (3)
EBITDA     20,779       1,031         (6,959 )     30,311         35,664       1,802         3,163       32,282    
Depreciation and amortization     11,886       (237 )  (4)     12,404       -         24,791       (968 ) (4)     24,976       -    
Operating income (loss)     8,893       1,268         (19,363 )     30,311         10,873       2,770         (21,813 )     32,282    
Interest expense     (1,563 )     -         (2,602 )     -         (3,145 )     -         (5,044 )     -    
Other, net     300       (128 ) (5)     (54 )     24   (5)     336       (68 ) (5)     202       45   (5)
Income (loss) before income taxes     7,630       1,140         (22,019 )     30,335         8,064       2,702         (26,655 )     32,327    
Income tax expense     (2,129 )     (250 ) (6)     (1,955 )     (85 ) (6)     (2,553 )     (596 ) (6)     (968 )     (743 ) (6)
Net income (loss)   $ 5,501     $ 890       $ (23,974 )   $ 30,250       $ 5,511     $ 2,106       $ (27,623 )   $ 31,584    
                                         
Diluted earnings (loss) per share   $ 0.17           $ (0.73 )         $ 0.17           $ (0.84 )      
                                         
(1) Transaction and advisory fees, $0.8 million and $1.3 million related to executive severance charges in the three and six months ended 2020, respectively, and $1.2 million of severance charges related to a reorganization in the six months ended 2019.  
(2) Restructuring charges relate to the closure of manufacturing plant facilities.  
(3) Asset impairment charges relate to goodwill impairment in the North American Cabinet Components segment.  
(4) Accelerated depreciation related to the closure of a North American Cabinet Components plant.  
(5) Foreign currency transaction (gains) losses.  
(6) Impact on a with and without basis.  

QUANEX BUILDING PRODUCTS CORPORATION
SELECTED SEGMENT DATA
(In thousands)
(Unaudited)

This table provides gross margin, operating income (loss), EBITDA, and Adjusted EBITDA by reportable segment.  Non-operating expense and income tax expense are not allocated to the reportable segments. 
    NA Fenestration   EU Fenestration   NA Cabinet
Components
  Unallocated
Corp & Other
  Total
Three months ended April 30, 2020                    
Net sales   $ 108,593     $ 29,200     $ 50,664     $ (982 )   $ 187,475  
Cost of sales     85,153       20,966       44,198       (585 )     149,732  
Gross Margin     23,440       8,234       6,466       (397 )     37,743  
Gross Margin %     21.6%       28.2%       12.8%           20.1%  
Selling, general and administrative     9,985       5,292       3,981       (2,545 )     16,713  
Restructuring charges     66       -       185       -       251  
Depreciation and amortization     5,961       2,330       3,474       121       11,886  
Operating income (loss)     7,428       612       (1,174 )     2,027       8,893  
Depreciation and amortization     5,961       2,330       3,474       121       11,886  
EBITDA     13,389       2,942       2,300       2,148       20,779  
Executive severance charges     -       -       -       780       780  
Restructuring charges     66       -       185       -       251  
Adjusted EBITDA    $ 13,455     $ 2,942     $ 2,485     $ 2,928     $ 21,810  
Adjusted EBITDA Margin %     12.4%       10.1%       4.9%           11.6%  
                     
Three months ended April 30, 2019                    
Net sales   $ 115,346     $ 41,623     $ 62,836     $ (1,602 )   $ 218,203  
Cost of sales     90,031       28,906       53,699       (1,258 )     171,378  
Gross Margin     25,315       12,717       9,137       (344 )     46,825  
Gross Margin %     21.9%       30.6%       14.5%           21.5%  
Selling, general and administrative     12,213       5,696       4,505       1,308       23,722  
Restructuring charges     84       -       -       -       84  
Depreciation and amortization     6,758       2,219       3,305       122       12,404  
Asset impairment charges     -       -       29,978       -       29,978  
Operating income (loss)     6,260       4,802       (28,651 )     (1,774 )     (19,363 )
Depreciation and amortization     6,758       2,219       3,305       122       12,404  
EBITDA     13,018       7,021       (25,346 )     (1,652 )     (6,959 )
Asset impairment charges     -       -       29,978       -       29,978  
Transaction and advisory fees     -       -       -       249       249  
Restructuring charges     84       -       -       -       84  
Adjusted EBITDA    $ 13,102     $ 7,021     $ 4,632     $ (1,403 )   $ 23,352  
Adjusted EBITDA Margin %     11.4%       16.9%       7.4%           10.7%  
                     
Six months ended April 30, 2020                    
Net sales   $ 219,045     $ 65,966     $ 100,708     $ (1,647 )   $ 384,072  
Cost of sales     173,850       46,210       88,040       (941 )     307,159  
Gross Margin     45,195       19,756       12,668       (706 )     76,913  
Gross Margin %     20.6%       29.9%       12.6%           20.0%  
Selling, general and administrative     23,040       11,242       8,834       (2,271 )     40,845  
Restructuring charges     157       -       247       -       404  
Depreciation and amortization     12,940       4,738       6,875       238       24,791  
Operating income (loss)     9,058       3,776       (3,288 )     1,327       10,873  
Depreciation and amortization     12,940       4,738       6,875       238       24,791  
EBITDA     21,998       8,514       3,587       1,565       35,664  
Transaction and advisory fees     -       -       -       55       55  
Executive severance charges     -       -       -       1,343       1,343  
Restructuring charges     157       -       247       -       404  
Adjusted EBITDA    $ 22,155     $ 8,514     $ 3,834     $ 2,963     $ 37,466  
Adjusted EBITDA Margin %     10.1%       12.9%       3.8%           9.8%  
                     
Six months ended April 30, 2019                    
Net sales   $ 224,395     $ 76,877     $ 116,688     $ (2,949 )   $ 415,011  
Cost of sales     177,184       53,431       101,555       (2,235 )     329,935  
Gross Margin     47,211       23,446       15,133       (714 )     85,076  
Gross Margin %     21.0%       30.5%       13.0%           20.5%  
Selling, general and administrative     25,290       11,406       9,430       5,622       51,748  
Restructuring charges     187       -       -       -       187  
Depreciation and amortization     13,630       4,456       6,644       246       24,976  
Asset impairment charges     -       -       29,978       -       29,978  
Operating income (loss)     8,104       7,584       (30,919 )     (6,582 )     (21,813 )
Depreciation and amortization     13,630       4,456       6,644       246       24,976  
EBITDA     21,734       12,040       (24,275 )     (6,336 )     3,163  
Asset impairment charges     -       -       29,978       -       29,978  
Transaction and advisory fees     -       -       -       967       967  
Severance related to reorganization     -       -       -       1,150       1,150  
Restructuring charges     187       -       -       -       187  
Adjusted EBITDA    $ 21,921     $ 12,040     $ 5,703     $ (4,219 )   $ 35,445  
Adjusted EBITDA Margin %     9.8%       15.7%       4.9%           8.5%  
                                     
                                     

  QUANEX BUILDING PRODUCTS CORPORATION
SALES ANALYSIS
(In thousands)
(Unaudited)

    Three Months Ended   Six Months Ended
    April 30, 2020   April 30, 2019   April 30, 2020   April 30, 2019
                 
NA Fenestration:              
  United States - fenestration $ 95,791     $ 99,144     $ 192,638     $ 193,029  
  International - fenestration   6,153       8,096       12,587       16,302  
  United States - non-fenestration   4,372       4,803       8,935       8,308  
  International - non-fenestration   2,277       3,303       4,885       6,756  
    $ 108,593     $ 115,346     $ 219,045     $ 224,395  
EU Fenestration  (1):              
  International - fenestration $ 24,865     $ 34,973     $ 55,829     $ 65,696  
  International - non-fenestration   4,335       6,650       10,137       11,181  
    $ 29,200     $ 41,623     $ 65,966     $ 76,877  
NA Cabinet Components:              
  United States - fenestration $ 2,647     $ 2,997     $ 5,795     $ 6,349  
  United States - non-fenestration   47,540       59,220       93,989       109,181  
  International - non-fenestration   477       619       924       1,158  
    $ 50,664     $ 62,836     $ 100,708     $ 116,688  
Unallocated Corporate & Other:              
  Eliminations $ (982 )   $ (1,602 )   $ (1,647 )   $ (2,949 )
    $ (982 )   $ (1,602 )   $ (1,647 )   $ (2,949 )
                 
Net Sales $ 187,475     $ 218,203     $ 384,072     $ 415,011  
                 
(1) Reflects reduction of $1.5 million and $1.2 million in revenue associated with foreign currency exchange rate impacts for the three and six months ended April 30, 2020, respectively.
 

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Source: Quanex Building Products Corporation

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